According to a new report published by Allied Market Research, titled, “Global Rigid Plastic Packaging Market by Material, Production Process, and End-user Industry: Global Opportunity Analysis and Industry Forecast, 2021–2028. The report analyzes the global rigid plastic packaging market based on material, production process, end user industry, and region. The types covered in this report are PET, PP, HDPE, and others. The production processes include extrusion, injection molding, blow molding, thermoforming, and others. End-user industries taken into consideration in the report are the food & beverage, personal care, household, healthcare, and others.
Increase in the global consumption of consumer goods, low cost of rigid plastics, and improved recycling rate for packaging drive the growth of the global plastic packaging market. However, increase in shift toward flexible packaging, fluctuations in raw material prices, and strict regulations hinder the market growth. On the contrary, surge in e-commerce sales across the globe would open lucrative opportunities for the market players in the future.
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Covid-19 scenario:
- The Covid-19 outbreak presented unprecedented challenges for the demand for rigid plastic. Governments of several countries imposed strict regulations and closed manufacturing facilities temporarily to curb the spread of the virus.
- Lack of workforce and increased prices of raw materials hampered the manufacturing of rigid plastic. Moreover, the prolonged lockdown in several countries disrupted the supply chain and revenue flow.
- However, the market is expected to get back on track post-pandemic as the packaging industry recovers from the losses.
The global rigid plastic packaging market size is segmented on the basis of material, production process, end-user industry, and region.
Based on material, the PET segment dominated the market in 2020, accounting for more than two-thirds of the market. However, the PP segment is expected to register the highest CAGR of 5.5% during the forecast period.
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On the basis of end-use industry, the healthcare segment is projected to manifest the highest CAGR of 6.4% during the forecast period. However, the food & beverage segment held the largest share in 2020, contributing to nearly three-fifths of the market.
The global rigid plastic packaging market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific is estimated to portray the highest CAGR of 5.5% during the forecast period. Moreover, the region held the largest share in 2020, accounting for more than one-third of the market.
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Leading Players:
The report on the global rigid plastic packaging market includes an in-depth analysis of the prime market players such as Amcor Limited, ALPLA-Werke Alwin Lehner GmbH & Co KG, Berry Plastics Corporation, DS Smith Plc, Plastipak Holdings, Inc., Klöckner Pentaplast, Sealed Air Corporation, Pactiv Evergreen Inc, Sonoco Products Company, and Silgan Holdings, Inc.